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Some of the largest orthopedic players, like Stryker and Zimmer Biomet, believe the market has entered a new phase in which mid-single-digit growth is the new normal. However, some companies faced a variety of headwinds, from ERP misfires to supply issues to volatility in China.
Still, the public companies we cover returned strong results as a whole and continued the market’s above-average growth through nine months of 2024. We’ll update the data below throughout the third quarter earnings cycle.
About the Data
The data below is based on reported sales from a subset of public orthopedic companies on a quarterly reporting schedule. These companies account for about two-thirds of the global market. I’m using this group as a proxy to measure quarterly market performance.
Orthopedic Market Data for Third Quarter 2024
Where applicable, company names for the current quarter are linked to a more detailed article containing highlights and segment and regional sales data.
Sales for consolidated half, nine months and full-year results are inclusive of all previously reported data plus data from companies that have reported in the current quarter.
Segment Sales for Reporting Companies
| Segment | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $3,989.2 | $3,753.9 | $235.4 | 6.3% |
| Knees | $1,942.5 | $1,829.8 | $112.7 | 6.2% |
| Hips | $1,494.4 | $1,419.8 | $74.6 | 5.3% |
| Extremities | $552.3 | $504.2 | $48.1 | 9.5% |
| Spine | $1,300.9 | $1,161.0 | $139.8 | 12% |
| Trauma | $1,820.8 | $1,694.0 | $126.8 | 7.5% |
| Sports Medicine | $1,008.1 | $949.3 | $58.8 | 6.2% |
| Orthobiologics | $427.0 | $394.2 | $32.9 | 8.3% |
| Enabling Technology | $204.6 | $225.4 | ($20.7) | (9.2%) |
| Other | $673.8 | $688.9 | ($15.1) | (2.2%) |
| Total | $9,424.4 | $8,866.6 | $557.8 | 6.3% |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $12,431.4 | $11,805.0 | $626.4 | 5.3% |
| Knees | $6,110.9 | $5,799.6 | $311.3 | 5.4% |
| Hips | $4,615.9 | $4,441.4 | $174.4 | 3.9% |
| Extremities | $1,704.6 | $1,563.9 | $140.7 | 9% |
| Spine | $3,911.5 | $3,571.6 | $339.9 | 9.5% |
| Trauma | $5,452.6 | $5,106.2 | $346.4 | 6.8% |
| Sports Medicine | $3,037.5 | $2,872.7 | $164.8 | 5.7% |
| Orthobiologics | $1,262.6 | $1,217.3 | $45.3 | 3.7% |
| Enabling Technology | $632.2 | $632.9 | ($0.6) | (0.1%) |
| Other | $2,008.5 | $1,971.2 | $37.3 | 1.9% |
| Total | $28,736.3 | $27,176.9 | $1,559.4 | 5.7% |
Total Orthopedic Sales for Reporting Companies
| Company | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $36.4 | $38.4 | ($2.0) | (5.2%) |
| ATEC | $150.7 | $118.3 | $32.5 | 27.4% |
| Bioventus | $122.6 | $110.3 | $12.3 | 11.1% |
| BONESUPPORT | $22.1 | $14.7 | $7.4 | 50.1% |
| CONMED | $130.5 | $124.7 | $5.8 | 4.7% |
| DePuy Synthes | $2,189.8 | $2,164.0 | $25.8 | 1.2% |
| Enovis | $244.6 | $229.9 | $14.6 | 6.4% |
| Globus Medical | $625.7 | $571.9 | $53.8 | 9.4% |
| Orthofix Medical | $196.6 | $184.0 | $12.6 | 6.8% |
| OrthoPediatrics | $47.0 | $38.9 | $8.1 | 20.9% |
| Paragon 28 | $62.3 | $52.8 | $9.6 | 18.1% |
| SI-BONE | $40.3 | $34.0 | $6.3 | 18.6% |
| Smith+Nephew | $934.4 | $902.1 | $32.3 | 3.6% |
| Stryker | $2,707.4 | $2,450.7 | $256.7 | 10.5% |
| Treace Medical | $45.1 | $40.8 | $4.3 | 10.6% |
| Vericel | $44.7 | $37.6 | $7.1 | 18.8% |
| Zimmer Biomet | $1,824.1 | $1,753.6 | $70.5 | 4% |
| Total | $9,424.4 | $8,866.6 | $557.8 | 6.3% |
| Company | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $114.7 | $116.4 | ($1.7) | (1.5%) |
| ATEC | $434.8 | $344.3 | $90.5 | 26.3% |
| Bioventus | $368.7 | $325.8 | $42.9 | 13.2% |
| BONESUPPORT | $59.7 | $38.9 | $20.8 | 53.4% |
| CONMED | $405.0 | $396.7 | $8.3 | 2.1% |
| DePuy Synthes | $6,842.2 | $6,673.7 | $168.5 | 2.5% |
| Enovis | $778.0 | $723.9 | $54.1 | 7.5% |
| Globus Medical | $1,862.1 | $1,765.7 | $96.4 | 5.5% |
| Orthofix Medical | $583.8 | $546.2 | $37.6 | 6.9% |
| OrthoPediatrics | $131.2 | $110.0 | $21.2 | 19.3% |
| Paragon 28 | $184.4 | $155.8 | $28.6 | 18.4% |
| SI-BONE | $118.2 | $100.0 | $18.1 | 18.1% |
| Smith+Nephew | $2,871.0 | $2,755.4 | $115.7 | 4.2% |
| Stryker | $8,057.6 | $7,436.7 | $620.9 | 8.3% |
| Treace Medical | $140.6 | $124.9 | $15.7 | 12.6% |
| Vericel | $129.0 | $108.1 | $20.9 | 19.3% |
| Zimmer Biomet | $5,655.3 | $5,454.2 | $201.1 | 3.7% |
| Total | $28,736.3 | $27,176.9 | $1,559.4 | 5.7% |
Orthopedic Market Developments for Third Quarter 2024
Anika Therapeutics to Focus on HA-Related Technologies
More than a year after it initiated a comprehensive strategic review, Anika announced the divestitures of its languishing Arthrosurface and Parcus acquisitions. Going forward, the company will concentrate on products developed with its differentiated hyaluronic acid technology like the Integrity rotator cuff patch.
ATEC Aims for Cash Flow Breakeven in 2025
Company leadership spent ample time during its recent earnings call bolstering investor confidence that ATEC can deliver on its long range financial commitments: $1 billion in revenue, adjusted EBITDA of $180 million, 18% margin and free cashflow of $65 million in 2027. ATEC’s next milestone is cash flow breakeven in 2025.
CONMED Lowers Guidance on Hurricane Impacts
The one-two punch of hurricanes Helene and Milton further stressed CONMED’s existing supply chain issues, as it created slowdowns in the company’s Largo facility where many of its orthopedic products are manufactured. Additionally, the company said that procedures are being deferred due to the ongoing IV fluid shortage.
Smith+Nephew Gains Offset by Volatile Chinese Market
Recon sales in the portion of the Chinese market not under volume-based procurement were much weaker than expected in the third quarter. The third quarter was the first to fully experience the impact of VBP within sports medicine. Smith+Nephew endured the resulting price cuts to sports medicine joint repair products, but did not enjoy the concurrent volume bump.
Stryker Bullish on Market Dynamics
“I don’t know how many quarters it takes for you to start to believe that it’s going to be a good market,” said Stryker CEO Kevin Lobo. The company said full surgery schedules, activity and aging dynamics, as well as excellent procedure outcomes, are driving a new normal of mid-single-digit growth in the orthopedic market.
Zimmer Biomet Hobbled by ERP Issues
In September, the company disclosed issues with its new ERP system for North America distribution that resulted in slower shipping times. The impact is about $54 million split evenly over the third and fourth quarters. Zimmer Biomet expects to resume normal shipping levels by the end of 2024.
Some of the largest orthopedic players, like Stryker and Zimmer Biomet, believe the market has entered a new phase in which mid-single-digit growth is the new normal. However, some companies faced a variety of headwinds, from ERP misfires to supply issues to volatility in China.
Still, the public companies we cover returned strong results as a...
Some of the largest orthopedic players, like Stryker and Zimmer Biomet, believe the market has entered a new phase in which mid-single-digit growth is the new normal. However, some companies faced a variety of headwinds, from ERP misfires to supply issues to volatility in China.
Still, the public companies we cover returned strong results as a whole and continued the market’s above-average growth through nine months of 2024. We’ll update the data below throughout the third quarter earnings cycle.
About the Data
The data below is based on reported sales from a subset of public orthopedic companies on a quarterly reporting schedule. These companies account for about two-thirds of the global market. I’m using this group as a proxy to measure quarterly market performance.
Orthopedic Market Data for Third Quarter 2024
Where applicable, company names for the current quarter are linked to a more detailed article containing highlights and segment and regional sales data.
Sales for consolidated half, nine months and full-year results are inclusive of all previously reported data plus data from companies that have reported in the current quarter.
Segment Sales for Reporting Companies
| Segment | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $3,989.2 | $3,753.9 | $235.4 | 6.3% |
| Knees | $1,942.5 | $1,829.8 | $112.7 | 6.2% |
| Hips | $1,494.4 | $1,419.8 | $74.6 | 5.3% |
| Extremities | $552.3 | $504.2 | $48.1 | 9.5% |
| Spine | $1,300.9 | $1,161.0 | $139.8 | 12% |
| Trauma | $1,820.8 | $1,694.0 | $126.8 | 7.5% |
| Sports Medicine | $1,008.1 | $949.3 | $58.8 | 6.2% |
| Orthobiologics | $427.0 | $394.2 | $32.9 | 8.3% |
| Enabling Technology | $204.6 | $225.4 | ($20.7) | (9.2%) |
| Other | $673.8 | $688.9 | ($15.1) | (2.2%) |
| Total | $9,424.4 | $8,866.6 | $557.8 | 6.3% |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $12,431.4 | $11,805.0 | $626.4 | 5.3% |
| Knees | $6,110.9 | $5,799.6 | $311.3 | 5.4% |
| Hips | $4,615.9 | $4,441.4 | $174.4 | 3.9% |
| Extremities | $1,704.6 | $1,563.9 | $140.7 | 9% |
| Spine | $3,911.5 | $3,571.6 | $339.9 | 9.5% |
| Trauma | $5,452.6 | $5,106.2 | $346.4 | 6.8% |
| Sports Medicine | $3,037.5 | $2,872.7 | $164.8 | 5.7% |
| Orthobiologics | $1,262.6 | $1,217.3 | $45.3 | 3.7% |
| Enabling Technology | $632.2 | $632.9 | ($0.6) | (0.1%) |
| Other | $2,008.5 | $1,971.2 | $37.3 | 1.9% |
| Total | $28,736.3 | $27,176.9 | $1,559.4 | 5.7% |
Total Orthopedic Sales for Reporting Companies
| Company | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $36.4 | $38.4 | ($2.0) | (5.2%) |
| ATEC | $150.7 | $118.3 | $32.5 | 27.4% |
| Bioventus | $122.6 | $110.3 | $12.3 | 11.1% |
| BONESUPPORT | $22.1 | $14.7 | $7.4 | 50.1% |
| CONMED | $130.5 | $124.7 | $5.8 | 4.7% |
| DePuy Synthes | $2,189.8 | $2,164.0 | $25.8 | 1.2% |
| Enovis | $244.6 | $229.9 | $14.6 | 6.4% |
| Globus Medical | $625.7 | $571.9 | $53.8 | 9.4% |
| Orthofix Medical | $196.6 | $184.0 | $12.6 | 6.8% |
| OrthoPediatrics | $47.0 | $38.9 | $8.1 | 20.9% |
| Paragon 28 | $62.3 | $52.8 | $9.6 | 18.1% |
| SI-BONE | $40.3 | $34.0 | $6.3 | 18.6% |
| Smith+Nephew | $934.4 | $902.1 | $32.3 | 3.6% |
| Stryker | $2,707.4 | $2,450.7 | $256.7 | 10.5% |
| Treace Medical | $45.1 | $40.8 | $4.3 | 10.6% |
| Vericel | $44.7 | $37.6 | $7.1 | 18.8% |
| Zimmer Biomet | $1,824.1 | $1,753.6 | $70.5 | 4% |
| Total | $9,424.4 | $8,866.6 | $557.8 | 6.3% |
| Company | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Anika Therapeutics | $114.7 | $116.4 | ($1.7) | (1.5%) |
| ATEC | $434.8 | $344.3 | $90.5 | 26.3% |
| Bioventus | $368.7 | $325.8 | $42.9 | 13.2% |
| BONESUPPORT | $59.7 | $38.9 | $20.8 | 53.4% |
| CONMED | $405.0 | $396.7 | $8.3 | 2.1% |
| DePuy Synthes | $6,842.2 | $6,673.7 | $168.5 | 2.5% |
| Enovis | $778.0 | $723.9 | $54.1 | 7.5% |
| Globus Medical | $1,862.1 | $1,765.7 | $96.4 | 5.5% |
| Orthofix Medical | $583.8 | $546.2 | $37.6 | 6.9% |
| OrthoPediatrics | $131.2 | $110.0 | $21.2 | 19.3% |
| Paragon 28 | $184.4 | $155.8 | $28.6 | 18.4% |
| SI-BONE | $118.2 | $100.0 | $18.1 | 18.1% |
| Smith+Nephew | $2,871.0 | $2,755.4 | $115.7 | 4.2% |
| Stryker | $8,057.6 | $7,436.7 | $620.9 | 8.3% |
| Treace Medical | $140.6 | $124.9 | $15.7 | 12.6% |
| Vericel | $129.0 | $108.1 | $20.9 | 19.3% |
| Zimmer Biomet | $5,655.3 | $5,454.2 | $201.1 | 3.7% |
| Total | $28,736.3 | $27,176.9 | $1,559.4 | 5.7% |
Orthopedic Market Developments for Third Quarter 2024
Anika Therapeutics to Focus on HA-Related Technologies
More than a year after it initiated a comprehensive strategic review, Anika announced the divestitures of its languishing Arthrosurface and Parcus acquisitions. Going forward, the company will concentrate on products developed with its differentiated hyaluronic acid technology like the Integrity rotator cuff patch.
ATEC Aims for Cash Flow Breakeven in 2025
Company leadership spent ample time during its recent earnings call bolstering investor confidence that ATEC can deliver on its long range financial commitments: $1 billion in revenue, adjusted EBITDA of $180 million, 18% margin and free cashflow of $65 million in 2027. ATEC’s next milestone is cash flow breakeven in 2025.
CONMED Lowers Guidance on Hurricane Impacts
The one-two punch of hurricanes Helene and Milton further stressed CONMED’s existing supply chain issues, as it created slowdowns in the company’s Largo facility where many of its orthopedic products are manufactured. Additionally, the company said that procedures are being deferred due to the ongoing IV fluid shortage.
Smith+Nephew Gains Offset by Volatile Chinese Market
Recon sales in the portion of the Chinese market not under volume-based procurement were much weaker than expected in the third quarter. The third quarter was the first to fully experience the impact of VBP within sports medicine. Smith+Nephew endured the resulting price cuts to sports medicine joint repair products, but did not enjoy the concurrent volume bump.
Stryker Bullish on Market Dynamics
“I don’t know how many quarters it takes for you to start to believe that it’s going to be a good market,” said Stryker CEO Kevin Lobo. The company said full surgery schedules, activity and aging dynamics, as well as excellent procedure outcomes, are driving a new normal of mid-single-digit growth in the orthopedic market.
Zimmer Biomet Hobbled by ERP Issues
In September, the company disclosed issues with its new ERP system for North America distribution that resulted in slower shipping times. The impact is about $54 million split evenly over the third and fourth quarters. Zimmer Biomet expects to resume normal shipping levels by the end of 2024.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
